This style of jewelry will never go out of fashion and will go with every bride’s style, The report further mentions that the jewelry, bridal ornaments, gold, silver stood at USD 330.0 billion in 2019 and is projected to gain momentum in the forthcoming years. This is attributable to the increasing adoption of technology and the remarkable emergence of digital media platforms that propel the demand for luxury jewelry globally.
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Reduce Number of Labor Workforce amid COVID-19 to Hinder Growth
The global pandemic has led to a lockdown announced by the government agencies across the globe. This has led to a partial lockdown of industrial operation and has left several laborers unemployed. Owing to the reduced number of jobs, the workforce has opted to return to their native places that has severely affected the market growth. However, collective efforts by the manufacturers and government to ensure a safe working environment by taking measures to contain the widespread effect of COVID-19 is expected to drive the market in the near future.
Jewelry products mainly consist of gold, silver, diamonds, and other exotic gemstones. They have been a symbol of luxury since centuries and adorn by people for beautification and enhancing their overall appearance. Additionally, the high demand for bridal ornaments, and the different festivities and traditions followed by people globally boosts the consumption of exotic gemstones and other products.
According to Fortune Business Insights™ The global jewelry market size is expected to showcase a considerable growth by reaching USD 266.53 billion, while exhibiting a CAGR of 3.7% between 2020 and 2027.
Highlight of the Report
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. Moreover, the report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnership, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
Emergence of Digital Media Platforms to Promote Growth
The growing influence through reality shows, music videos, and movies enable the digital media platforms to play a pivotal role in propelling the sales of luxurious jewelry products globally. In addition to this, the adoption of technology in the manufacturing of the ornaments is anticipated to bode well for the global jewelry market growth during the forecast period. For instance, the products such as Luxe Smart Ring by The Ringly are equipped with several technological features such as health and fitness monitoring and GPS, along with being equipped with large gemstones.
Necklace Segment Held a 22.70% Market Share
The necklace segment, based on product, held a market share of about 22.70% in 2019 and is likely to showcase a considerable growth during the forecast period. This is ascribable to factors such as the increasing adoption of the jewelry products by women consumers across the globe.
Presence of Established Manufacturers in Asia-Pacific to Favor Growth
Among all the regions, Asia-Pacific is expected to remain dominant and hold the highest position in the global jewelry market during the forecast period. This dominance is attributable to the presence of established manufacturers such as Tanishq, Queelin, and others in countries such as India and China in the region. Asia-Pacific generated USD 130.49 in terms of revenue in 2019.
The market in North America is expected to experience a significant growth owing to the presence of several millionaires in countries such as the U.S. that propels the sales of exotic and premium jewelry in the region. For instance, as per the Global Wealth Report 2019, 40% of the total millionaires globally are present in the United States.
Major Companies Focus on Expansion Strategies to Leverage Market Opportunities
The global jewelry market is experiencing stiff competition owing to the presence of several major companies that are focusing on expanding their facilities to cater to the increasing demand for luxury jewelry products globally. In addition to this, key players are adopting strategies such as merger and acquisition, partnership, and collaboration to maintain market stronghold in the forthcoming years.